BUAL 5380 Final Exam Questions And Answers.

Decision Variable - Answer variables whose values the decision maker is allowed to choose; company must know these to function properly objective function - Answer max or min optimization constraints - Answer physical, logical, or economic restrictions that must be satisfied. changing cells - Answer excel values of the decision variable objective cell - Answer objective to be minimized or maximized constraints (excel) - Answer impose restrictions on the values in the changing cells Steps to solving optimization problem - Answer 1. model development 2. optimize 3. sensitivity analysis Feasible solution - Answer solution that satisfies all constaints feasible region - Answer set of all feasible solutions infeasible solution - Answer violates at least one of the constraints optimal solution - Answer feasible solution that optimizes the objective A two variable product mix model - Answer 1. A frequent problem in business: Company must decide on a product mix (how much of each product to introduce) to maximize net profit. 2. Contains only two decision variables, and can be solved graphically. 3. Shows answers to what-if questions about the completed model. Spreadsheet modeling inputs - Answer all numerical inputs - all numeric data given in the statement of the problem